Savings Calculator
Plan how long to save and how much to set aside
Savings Calculator: How Long to Reach Your Goal and How Much to Save
Our free savings calculator helps you plan a savings goal in two ways. Enter a goal, what you have saved so far and an interest rate, and you can see how long it takes with a monthly contribution, or how much to save each month to reach the goal by a set date. A toggle lets you save for an emergency fund instead, using your monthly expenses to set the goal.
Quick answer: starting with $2,000 and adding $400 a month at 4.5%, you reach $25,000 in 4 years 4 months. You deposit $20,800 and interest adds about $2,549. To reach the same goal in 3 years, you would need to save about $590.43 a month.
How the Savings Calculation Works
On the Time to Goal tab, the calculator adds your contribution and a month of interest, one month at a time, until your balance reaches the goal. On the Monthly Needed tab, it solves for the contribution that grows your savings to the goal in the time you choose.
The table shows how the monthly amount changes the time to reach $25,000 from $2,000 at 4.5%. Doubling your savings does not halve the time, because interest plays a smaller part when the plan is shorter.
| Monthly saving | Time to $25,000 | Total contributions | Interest earned |
|---|---|---|---|
| $200 | 7 years 9 months | $18,600 | $4,439 |
| $300 | 5 years 7 months | $20,100 | $3,272 |
| $400 | 4 years 4 months | $20,800 | $2,549 |
| $600 | 3 years | $21,600 | $1,768 |
| $800 | 2 years 4 months | $22,400 | $1,393 |
Saving for an Emergency Fund
An emergency fund covers unexpected costs such as a job loss, a car repair or a medical bill. A common guideline is three to six months of essential expenses. Switch the toggle to Emergency fund, enter your monthly expenses and the months of cover you want. With $3,000 in monthly expenses and six months of cover, the goal is $18,000, and the same $400 a month gets you there in 3 years 1 month.
Does Interest Matter When You Save?
Your deposits do most of the work on a short goal, but interest helps more as the amount and the time grow. In the example, interest adds $2,549. With no interest, the same plan takes 4 years 10 months. A higher rate shortens the time, so it is worth comparing accounts. For a closer look at how money grows, try the compound interest calculator or the interest calculator, and for longer goals see the investment calculator and the retirement calculator.
Saving for a Specific Goal
Common goals include a house deposit, a car, a wedding, a holiday or a new business. If you are saving for a home, the down payment calculator shows how much you may need, and the rent vs buy calculator helps you decide whether buying makes sense yet. Write down the amount and the date, then use this calculator to find a monthly figure you can keep up.
Who Uses a Savings Calculator?
People building an emergency fund, couples saving for a home or a wedding, students saving for tuition, parents setting aside money for children, and anyone comparing how long a goal takes with different monthly amounts. Results are estimates that assume a steady rate and regular deposits, and they are not financial advice.
How to Use This Savings Calculator
Choose a tab
Pick Time to Goal to see how long it takes, or Monthly Needed to find how much to save.
Set your goal
Enter a savings goal, or switch to Emergency fund and enter your monthly expenses.
Enter what you have saved
Add your current savings balance.
Add your contribution or time frame
Enter the monthly amount you can save, or the number of years you have.
Enter the interest rate
Use the annual rate your savings account pays.
Click the button
See the time or monthly amount, total interest and a chart.